Bit Digital, a digital asset firm, is looking to raise $100 million via a convertible senior note offering to expand its Ether treasury. BitMine Immersion Technologies has solidified its position as the largest Ether treasury company.
In a statement on Monday, Bit Digital announced that it’s also providing an option for an additional $15 million in notes, with all net proceeds designated for further Ether (ETH) purchases, as well as general corporate purposes, including potential investments, acquisitions, and other opportunities related to digital assets.
Currently, Bit Digital holds over 120,000 Ether, ranking as the seventh-largest Ether treasury company tracked by StrategicEtherReserve. If their fundraising is successful, they could acquire an additional 23,714 tokens, elevating their ranking to sixth, just ahead of crypto exchange Coinbase.
BitMine extends its lead
Simultaneously, BitMine reported on Monday an increase in its treasury holdings to 2.65 million Ether, valued at over $11 billion, expanding its lead over the second-largest holder, SharpLink Gaming, which maintains over 838,000 Ether.
According to StrategicEtherReserve, the latest purchase date for BitMine was September 26, when they acquired 234,000 tokens as part of their long-term goal to own 5% of the total supply.
BitMine estimates an average purchase price of $4,141 per Ether. The token is currently trading at $4,221, according to CoinGecko.
Ether purchased at a discount, Lee says
Tom Lee, Chairman of BitMine, described ETH’s current price as “a discount to the future,” citing the formation of two supercycles in late 2025—crypto and artificial intelligence—that both “require neutral public blockchains,” positioning Ethereum as the “premier choice.”
“We continue to believe that Ethereum is one of the most significant macro trades over the next 10-15 years,” Lee stated.
“The movement of Wall Street and AI onto the blockchain is poised to trigger a significant transformation of today’s financial system, predominantly occurring on Ethereum.”
In August, Jan van Eck, CEO of VanEck, which offers an Ether-based exchange-traded fund (ETF), echoed similar sentiments, forecasting that financial services will increasingly adopt blockchain for stablecoin transactions, with Ethereum likely being the preferred platform.
Ether held by institutions could push price
Throughout 2025, institutions have been consistently accruing Ether, with total holdings across treasury companies and ETFs exceeding 11.8 million, which is nearly 10% of the entire token supply.
Related: ETHZilla unleashes fresh $350M war chest for Ethereum bets
In August, Vivek Raman from Etherealize mentioned to Cointelegraph that the intense competition among companies acquiring Ether could lead to a DeFi Summer 2.0 “but on a larger, institutional scale.”
Meanwhile, David Grider, a partner at Finality Capital, predicted in a July X post that the Ether treasury company expansion “should favorably influence ETH flows and price action similar to MicroStrategy’s impact on Bitcoin.”
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